# Summary Statistics — Real Exchange Rate Panel

| Variable | N | Mean | SD | Min | Max |
|---|---|---|---|---|---|
| reer_combined | 3,551 | 104.057 | 28.485 | 33.000 | 741.704 |
| log_reer_combined | 3,551 | 4.620 | 0.213 | 3.496 | 6.609 |
| d_log_reer | 3,525 | 0.002 | 0.095 | -1.373 | 1.083 |
| reer_deviation | 3,551 | 4.057 | 28.485 | -67.000 | 641.704 |
| log_reer_demeaned | 3,551 | -0.041 | 0.199 | -1.024 | 2.332 |
| Z_1 | 8,295 | -1.267 | 1.365 | -3.981 | 3.539 |
| Z_2 | 8,295 | -20.171 | 21.547 | -60.855 | 71.576 |
| Z_3 | 8,295 | -291.546 | 311.190 | -849.878 | 1248.709 |
| old_dep | 8,295 | 0.125 | 0.092 | 0.010 | 1.099 |
| youth_dep | 8,295 | 0.495 | 0.236 | 0.118 | 1.216 |
| log_gdp_pc | 6,553 | 9.331 | 1.191 | 6.236 | 12.070 |
| log_opw | 5,169 | 10.009 | 1.133 | 6.417 | 12.545 |
| trade_openness | 5,623 | 85.186 | 52.990 | 0.021 | 442.620 |
| fiscal_bal_gdp | 5,966 | -2.180 | 5.466 | -20.164 | 20.112 |
| nfa_gdp_lag | 6,244 | -0.217 | 1.594 | -46.386 | 15.699 |
| rgdp_growth | 6,461 | 3.398 | 6.260 | -54.336 | 147.973 |
| kaopen | 5,807 | 0.199 | 1.561 | -1.939 | 2.281 |
| health_exp_gdp | 4,464 | 3.273 | 2.374 | 0.062 | 22.254 |

*Panel: 237 countries, 1990-2024. REER coverage: 104 countries.*